- Stripe is bringing back its crypto feature.
- The re-entry will kick off with a stablecoin integration.
- Users can access the feature in straightforward steps.
Stripe, a global leader in payment solutions, was one of the earliest adopters of cryptocurrency, embracing Bitcoin as early as 2014 to simplify digital transactions. However, the industry’s volatility soon posed challenges, leading the firm to discontinue its crypto payment feature.
Now, nearly a decade later, the payment giant has returned.
โPay with Cryptoโ Live on Stripe
Global payment service provider Stripe has officially re-introduced its crypto feature. In a tweet on Thursday, October 10, Stripeโs product lead, Jeff Weinstein, confirmed the service’s reintegration, marking the return of crypto payments after a seven-year pause.
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The re-launch follows an initial announcement by Stripe’s co-founder, John Collison, during the Stripe Sessions 2024 in April. However, this time, the firm is leaning on the more stable sector of the industry, choosing stablecoin USDC as the core of the integration.
Businesses can now accept stablecoins from over 150 countries, providing buyers with the opportunity to make USDC payments on Ethereum, Solana, or Polygon. Additionally, the feature is compatible for integration into checkout, elements, and payment intents, with subscriptions set to be added soon.
To enjoy the new feature, users must follow a step-by-step process.
How Stripeโs Crypto Feature Works
Before buyers can use the crypto feature, businesses must activate it on their dashboards. Once activated, a step-by-step process, outlined by Stripeโs co-founder, provides users with guidance on how to complete crypto payments.
- Initiate Payment: Users can start the payment process as they typically would, following the standard steps for any other method.
- Select Crypto as Payment Method: The checkout page will display the option to pay with USDC on supported networksโEthereum, Solana, or Polygon, allowing users to make their preferred choice.
- Choose Crypto Wallet:ย Select a wallet to use for the transaction, such as Coinbase Wallet, MetaMask, or Phantom, all supported by Stripe.
- Payment Details Confirmation: The customer reviews and confirms the payment amount, network fees, and selected wallet.
- Authorize the Payment: Depending on the wallet, users will approve the transaction in their app, which may require authentication.
- Transaction Processing: Once authorized, the transaction is processed on the blockchain, typically within seconds.
- Payment Confirmation: Both the business and the customer will receive a payment confirmation, and the details can be verified on the Stripe dashboard or the crypto wallet.
Payments will also be easily translated into fiat balances for businesses, eliminating any conversion hassles.
On the Flipside
- As outlined in Stripe’s guidelines, a 1.5% charge is applied to all transactions for businesses.
- The limit to USDC may restrict appeal for customers who prefer other cryptocurrencies.
Why This Matters
The re-integration of crypto payments on Stripe will further drive global adoption, contributing to the growing ecosystem.
Discover more about Stripeโs previous trials at crypto in this article:
Stripe Partners with OpenNode to Enable Merchants to Convert Payments Into Bitcoin
Hereโs how the FBI joined other federal authorities to outsmart and nab a shady crypto scheme:
FBI Used a Crypto Token to Nab a Major Fraud Schemeย ย
